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GM: FBN Holdings fights back, instructs lawyers to challenge court order

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First Bank Holding Plc has said it had instructed its lawyers to defend it following a court order stopping it from implementing all the decisions taken at its 10th Annual General Meeting (AGM) held on June 20, 2022 in Lagos.

In a statement yesterday by the Acting Company Secretary, Adewale Arogundade, to the Nigerian Exchange Limited (NGX), FBN Holdings said: “We hereby notify NGX and the investing public that our attention was drawn to an online publication dated July 17, stating that the Federal High Court in Lagos has granted an ex parte order against the company and some other respondents.

“FBN Holdings remained unaware of any lawsuit or court order against it until about 3pm on Monday when a copy of same was served on it.

“The order directs FBN Holdings and the other respondents to maintain status quo ante bellum prevailing before our 10th AGM held on June 20, 2022, pending the hearing and final determination of the motion on notice for interlocutory injunction.

“Without prejudice to the said court order, FBN Holdings confirms that the subject AGM was duly and validly held with all requisite regulatory and statutory parties in attendance.

“We have briefed our lawyers to review the said order to ensure its full representation in court on July 22, to which same was adjourned,” the statement said.

The Federal High Court, in Lagos, last Friday July 15, had stopped First Bank Holding Plc, from implementing all the decisions taken at its 10th Annual General Meeting recently held on June 20, 2022 in Lagos. First Bank Holdings PLC is the controlling owner of First Bank of Nigeria Plc.

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Justice Akintayo Aluko granted an order directing First Bank Holdings Plc and all the respondents in the case, to maintain the status quo ante bellum prevailing before the AGM was held on June 20, effectively putting on hold the appointment of Mr. Nnamdi Okonkwo as the Group Managing Director and Mr. Julius Omodayo-Owotuga, as Non-Executive Director respectively.

The court also stopped the respondents from raising or issuing shares and from implementing any of the resolutions reached at the 10th AGM.

Named as respondents in the suit are First Bank Holdings Plc, Alhaji Ahmed Abdullahi, Chairman of the Board of Directors, Mr. Julius Omodayo-Owotuga, Non-Executive Director and Mr. Nnamdi Okonkwo, Group Managing Director.

Justice Aluko granted the order after hearing arguments from Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, on behalf of the petitioner.

The petition was filed by Mr. Olusegun Onagoruwa, an aggrieved shareholder of First Bank Holding Plc

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